The airline wants to raise $150 million in cash through the sale of 15.2 million shares. It also plans to sell $75 million in debt. The money will be used for general corporate purposes. The carrier lost $103 million in the first quarter.

Overall, the Amex Airline Index ($XAL) fell 4% to 18.72 points. Ten of the index's 13 components fell. In the last 52 week, benchmark index has moved in a range of 28.22 and 12.62 points.

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